Jobless claims fall to 340,000

The figure is a reflection of layoffs, which usually drop as overall job growth picks up.

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The government's February jobs report is due out Friday and could show that the economy added more than 150,000 jobs.

A separate report released on Wednesday showed that the private sector hired 192,000 workers last month. The unemployment rate is expected to remain steady, although it probably dropped to 7.8 percent.